Peyton Manning signs reduced Denver Broncos deal

Denver Broncos quarterback Peyton Manning will return to the franchise next season after agreeing to a new reduced deal.

The Broncos made the announcement on Thursday, confirming that the veteran signal-caller has taken a salary reduction and passed a medical.

"I've been working real hard and I'm excited to be back with the Denver Broncos," Manning told the Denver Post.

"Can't wait for April 13 to get here when the team can finally come together. I'm excited to get to work and get to know the new coaches and looking forward to trying to make 2015 a special year."

Broncos executive vice-president of football operations and general manager John Elway revealed that the organisation was "glad to work something out" with the five-time MVP.